Endeavor to Build Office Project, Market briefs

In Austin, Endeavor Real Estate Group has secured financing and will soon break ground on 5th & Walsh, a creative office and retail building located along the West 5th and 6th Street corridor in central Austin.

The 198,000-SF, five-story building will rise on 1.4-acre site at 1200 W. 5th Street, within a 10-minute walk of downtown. It is set to include four stories of office space above 21,000 SF of restaurants and retail space on the ground floor.

5th & Walsh was designed by Lake Flato, a notable San Antonio-based architecture firm known for sustainable design. JLL Capital Markets advised on and arranged equity capital for the development.

Endeavor will occupy 25,000 SF in the building for its headquarters office. Other undisclosed office tenants have already signed leases for another 85,000 sq ft of office space, bringing the building to over 55% pre-leased prior to work start

When completed in 2028, it is slated to be one of the only a handful new office buildings coming online in central Austin. Citywide the city had a 23.4% office vacancy rate in the second quarter, CBRE reported, and new office construction has declined well below peak levels. Hines recently purchased an office buiding in downtown Austin for $151 million.

5th & Walsh is “intentionally porous” and organized around two interior courtyards rather than a single-tower form. Paseos, catwalks, courtyards and patios will pull occupants and guests into the outdoor environment throughout the workday. Wood balconies and roof overhangs add warmth to the building edges while adding relation to the canopy of a heritage oak tree on-site.

The ground-floor retail and restaurant spaces will activate more than 300 feet of 5th Street frontage and a hard corner at 5th & Walsh which has been underutilized for decades. Endeavor says it’s in negotiations with tenants interested in the restaurant and retail spaces.

Occupants and guests will be greeted by a refined office lobby with on-site concierge and security.

“5th & Walsh offers a trophy-caliber, boutique office product nestled beautifully in one of Austin’s most desirable neighborhoods. This is an ideal alternative for tenants that want to be in an institutional-quality, Class A+ building without downtown density,” said Josh Lickteig, principal with Endeavor that oversees the development.

Endeavor to Build Office/Retail Project in Austin at 5th & Walsh. Rendering courtesy Lake Flato Architects.

Endeavor representatives Fernando Urrutia, Anne Swift, and Colton McCasland will be handling the marketing and leasing of the office space, while the retail spaces will be overseen by Billy Osherow and Evan Deitch.

The 5th & Walsh project team includes:

• General Contractor: Zapalac/Reed Construction Company
• Architects: Studio8 Architects (Architect of Record) and Lake Flato Architects (Design Architect)
• Interior Designer: Chioco Design
• Landscape Architect: Blacksmith Collaborative
• Civil Engineer: GarzaEMC
• MEP Engineer: APTUS Engineering
• Structural Engineer: TYLin Group (formerly Architectural Engineers Collaborative)

Austin-based Endeavor Real Estate Group employs 200 professionals working in multifamily, retail, industrial, student living, office, multi-use, self-storage, hospitality, and land development. Since its founding in 1999, Endeavor has purchased or developed more than $7.3 billion in gross real estate assets across multiple markets. Endeavor is actively developing projects in Austin, Houston, Fort Worth, Denver, Salt Lake City, San Diego, and Nashville. The firm is working on the development Dog’s Head, a 2,600-acre multi-use development in East Austin along the bending route of the Colorado River.